Gensler
said the CFTC may decide to “phase
in implementation of position limits rules as the agency obtains the
necessary data regarding the swaps market . . .
Staff is considering whether it would be possible to implement spot
month limits sooner than the single-month or all-months-combined
limits.”

More
details on likely CFTC action should emerge at the CFTC's public
meeting Thursday on position limits.

In
the House hearing Wednesday, Rep. Jim Marshall (D-GA) urged Gensler
to move slowly and cautiously on setting position limits, warning
that “position limits can screw the market up.” He stressed that
the Dodd-Frank law does not mandate that CFTC set position limits but
simply that the CFTC should consider position limits. He said the
decision was left up to the CFTC because Congress itself “didn't
know what to do” on position limits.

On the witness panel at the hearing,
CME Group Executive Chairman Terrance Duffy also urged caution.
Challenging “the theory that speculators are distorting futures
markets,” he said that “Dodd-Frank requires the commission to
make a finding that position limits are necessary to diminish,
eliminate or prevent burdensome excessive speculation before imposing
such limits.” He said “the CFTC is not permitted to act on the
basis of assumptions or political demands.”

This week’s guest on Open Mic is Rod Hebrink, President and CEO of Compeer Financial. The lack of certainty from a new farm bill and weak commodity prices due to lost export markets and robust supplies have left farmers and lenders with a grim outlook for 2019. In this interview, Hebrink discusses the challenge of the unknown and the need for legislators and the White House to take action on farm policy, trade and regulations to help rural America prepare for the year ahead.

The world of agriculture extends beyond what’s growing in your field or living in your barn, and here at Agri-Pulse, we understand that. We make it our duty to inform you of the most up-to-date agricultural and rural policy decisions being made in Washington D.C. and examine how they will affect you – the farmer, the lobbyist, the government employee, the educator, the consultant and the concerned citizen.